Neostellar Capital Earnings Call Transcripts
Fiscal Year 2026
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Transitioned to an externally managed structure with Magnetar, fully funded major AI investments, and maintained a concentrated portfolio with strong exposure to AI and consumer sectors. NAV per share declined due to one-time expenses, but portfolio value remains robust.
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Achieved a record 76% quarter-over-quarter NAV increase, driven by strong AI and tech investments. Announced transition to external management with Magnetar, enhancing scale and sourcing, and made significant new investments in TensorWave and ClickHouse.
Fiscal Year 2025
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NAV grew 21% year-over-year to $8.09 per share, with significant upside expected from 2026 portfolio company financings. AI infrastructure remains a core focus, and 2025 total shareholder return reached 70%.
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NAV rose to $9.23 per share, driven by strong AI infrastructure investments and successful monetizations, notably in CoreWeave and OpenAI. Portfolio diversification and capital returns remain priorities, with further dividends and repurchases planned.
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NAV per share surged 38% to $9.18, driven by AI-focused investments and major monetizations, including CoreWeave and ServiceTitan. The portfolio remains concentrated in AI, fintech, and consumer sectors, with further distributions expected in 2025.
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NAV per share was stable at $6.66, with top holdings in AI and fintech. Major events included OpenAI's $40B round, CoreWeave's IPO, and a $5M Plaid investment. Management plans to exit public positions post-lockup and redeploy capital in AI and related sectors.
Fiscal Year 2024
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NAV per share ended at $6.68, with a 16% decline in 2024, but the portfolio is positioned for potential upside as the IPO window reopens for key holdings like CoreWeave, Canva, and others. Major exits and investments in AI and consumer sectors highlight active management.
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NAV per share declined to $6.73 due to realized losses, but the portfolio is now heavily weighted toward AI infrastructure, with major new investments in OpenAI, CoreWeave, and VAST Data. Several late-stage holdings are preparing for IPOs, positioning for future upside.
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Q2 2024 featured strong private tech and AI investment, but late-quarter volatility impacted NAV, which declined to $6.94 per share. New investments in CoreWeave and Canva, share repurchases, and new convertible notes position the portfolio for future IPO opportunities.